After jumping 190 spots in one day to 32nd place on the back of a 10.6% share price rally, online retailer Etsy (ETSY) has returned to the Green Favored Zone in the SIA S&P 500 Index Report from a brief dip into the red and yellow zones.
Since bottoming out in March, Etsy (ETSY) shares have been steadily recovering with a step pattern of rallies followed by periods of consolidation at higher levels indicating ongoing accumulation. In recent weeks, the shares had been consolidating between $125.00 and $150.00, but on Friday, renewed interest propelled the shares up through $150.00. This breakout to a new all-time high has signaled the start of a new rally phase.
Next potential resistance on trend appears in the $175.00 to $180.00 range based on measured moves with initial support moving up to the $150.00 round number and breakout point.
Etsy (ETSY) shares staged a major double breakout, completing both a bullish Triple Top and a larger bullish Spread Double Top on Friday, clearing both $150.00 and $160.00 on their way to a new all-time high, and signaling the start of a new upleg.
Vertical and horizontal counts suggest potential upside resistance tests on trend near $183.00, $206.10 and $218.70, with the $200.00 round number also a possible test. Initial support appears between $144.30 and $147.15 where a 3-box reversal and a retest of a breakout point converge.
With its bullish SMAX score increasing to a perfect 10, ETSY is exhibiting near-term strength across the asset classes.
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